This past legislative session, the Florida legislature passed the Live Local Act, a comprehensive affordable housing law incentivizing private developers to build multifamily residential projects and to rent apartments at rates affordable to middle income families. See April 2023 GT Alert. One of these incentives is a property tax exemption for the value of apartments leased to middle income families at affordable rates. This program is administered by the Florida Housing Finance Corporation (Florida Housing), and this agency has issued a series of FAQs to explain the details of the property tax exemption.
Guidance Published on Florida’s Live Local Act Property Tax Exemption for Middle Market Multifamily Projects
